You just cant get spooked. But I will say the one thing is true is that you always raise on momentum. So I guess like I have one thing to follow up on this. Alejandro: So I guess in just to like follow up on that, what in your mind and obviously in what youve seen creates really that magical relationship between cofounders? Your third month is getting kind of diligence done and getting the wires in to the door. Saying that, in the early days you kind of need to bring on all the capital that you can. It was always a man, there is a really tough problem that consumers experience and no one is solving it. 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Anthemos Georgiades: Oh yeah, on the seed round back in 2012, we had probably five investors come in to the seed round so we kind of had five yeses who put in small checks. Anthemos Georgiades: Yeah. He discovered that the marketplace doesnt work for renters, and the idea for Zumper was born with the goal of evening the playing field and increasing transparency in the marketplace. Unluckily weve made some phenomenal early hires so the company that have all scaled to leadership roles, thats fantastic for retention because those people know that we could have hired from outside but we bet on them and it worked and so Zumper is a place to build theyre career not somewhere else. I was also doing, Ive been doing marketplaces for I think like 10 years now and I remember in the last company, I would go and meet with investors and they kept asking me for the chicken and the egg. Youre right that is wrong advice. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. So I learned a lot from a few companies that I loved, a few companies that I thought are doing crazy things I learned so much. So I guess lets say we had the opportunity to put you in front of your younger self, Anthemos, in 2012 before you were to close that seed round, what would be that piece of advice that you would give to your younger self with everything that youve learned having this journey ahead of you? And then now your job at five, six years in with a team of a hundred with higher and amazing executive team who are all better at doing their jobs than you would ever be and so your job is almost as a CEO is to like hire yourself out of a job where you hire people, where you look at them and you think, Wow, I cant believe you report to me. Yeah, sure. Were going to charge you per lead or for the smaller landlords we charge them if theyre [11:15] for the transaction. Saying that to your point, we see the deal was a successful and yet M&A is really hard to integrate. They were [sexy 23:47] company and really fantastic fundraisers but the rounds just take a long time, due diligence take a long time. Got it. You rarely have enough data to make the absolutely correct decision and I think a lot of businesses fail especially start ups when they dont make decisions fast enough and in business schools, the case study methods taught me how to feel confident in making decisions without perfect information and how to use data to kind of then review once youve launched, whether it was right or wrong. So you kind of just have to [25:29] but just to be clear yeah, we had far more nos than yeses at the seed round. So the way we monetize this is we either monetize the landlord mainly and we either charge them to leads. Your email address is 100% safe from spam! So that was great. And it was just [22:11] during the process that its a startup, were at growth stage but not to expect to be able to predict our courses like that public company again. It is not suppose to be easy. Anthemos Georgiades: Yeah. Meaning hey, we send you a ton of leads this month that close in to leases. It is your job not just to do the day to day but once or twice a year you should be doing stuff that has a completely linear outcome where one day youre doing you know 3 million users a month and the next day youre doing 5 million users a month. And to be fair, some of these 20 did indeed come back later to invest but in Boston and I pitched all of the east coast investors first because I was on the east coast and they were straight nos. I mean your job moves from doing jobs in the first few years. I learned more from you than you learned from me, and then your job as CEO is to do kind of two or three things, that is to continue to advance like the vision and the mission of the company and keep everything strategically aligned. Got it. Every fantastic company has had hundreds of nos on the way to kind of huge outcomes and you just cant take it personally. 1. And so I wouldnt be too pressured. Saying that, I have connections through both business school and previous people that have gone through BCG venture capital and most of your listeners and entrepreneurs will know so much of this is about like getting warm introductions to VCs so I did have a couple of cheats to get in through the network or through the BCG network. At Zumper, based in San Francisco, he leads the company in its mission to make renting an apartment as easy as booking a hotel. It seemed crazy that the real estate industry wasnt moving towards on demand. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. ! Theyre struggling to kind of grow their audience because they didnt have enough listings whereas Zumper at the getgo we had a lot of unique landlords on the platform that no one else had. So tell me your story a little bit here, Anthemos. Youre exactly right. Alejandro: Got it. Got it. Well, Anthemos, it has been a pleasure to have you on the show. So strategically that was a good marriage where they had a great consumer brand and we have really fantastic supply side inventory. So we tell the small landlords, Hey, dont just advertise in Zumper. Based in San Francisco, Anth leads the company in its mission to make renting an apartment as easy as booking a hotel. This show is about storytelling and all the elements that go into telling the perfect fundraising story. For us, I think they fully understand the entrepreneurial journey and were really excited to have them on board. And were they like obviously now youre opening here the cap table to a different breed and I guess when that happen probably at a strategic level lets say from a board perspective or something you know, maybe you receive some type of recommendations whether it was with this corporation or with other corporations as to what perhaps to look for and what to avoid. How do you scale like 20 million in revenue to 200 million in revenue and we didnt need the more product set investors because we already have fantastic people at that. Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solve a burning problem. So for Zumper our vision as I mentioned was to make renting an apartment as easy as booking a hotel and so instead of going in with just an idea, I built like a really crappy version of the end game that I wanted to build. When people ask me what Im most nervous about its how to keep our amazing team together, a couple of tactics and then one thing that really worked. Got it. I think at that stage it makes sense. I mean at the end of the day, building and scaling companies especially when youre at the early stages is all about survival and its all about learning to be with each other behind the trenches and really going to war and having each others backs. Anthemos Georgiades CEO and co-founder. My friend have had to camp out overnight outside the property management office to get access to the new apartment and this is [01:09] you know things coming online, you can order a cab via phone, you can book a hotel online. And then my other cofounder Kurt Taylor I met through his mother who was an [04:43] and it was another example of just pure hustle. Anthemos Georgiades: No. Anthemos Georgiades: Yes, weve raised $90 million in capital including a series C that we just closed three months ago. Read More: Sujal Patel On Selling His First Business For $2.6 Billion And Now Raising $108 Million From Jeff Bezos And Others To Improve Medical Diagnostics. He had actually interviewed me for a job at a different consulting firm and we stayed in touch. Got it. I mean I called it like a cheat [33:33] my team. Your job is to raise capital and your job is to kind of hire and retain the best talents. Anthemos Georgiades: One Lesson That Led To Raise $90 Million From The Top Venture Capital Firms by Alejandro Cremades Like many of our most successful entrepreneurs, Anthemos Georgiades was drawn into startup life to solving a burning problem. So Anthemos, whats the business model here? Georgiades founded Zumper after his own . How many landlords did we have on the site? I kind of looked through in Crunchbase which connections I have into which fund. In terms of the dynamics, I think in the early days, you kind of through osmosis graduate towards like the things that are important. Taylor Glass-Moore Co-Founder. Anthemos Georgiades: Yeah. They are the two ways that Zumper currently monetizes them and there are two folks that [11:35]. In the early days you as the CEO you are the fundraiser, you are the effective CFO, youre the head of sales and you kind of have to do the whole thing. The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. At series A, you got to show product market set in a sub vertical. It was at the time Pat Mapper example almost the same size on consumer but now Zumper is much bigger but we called it like a cheat and your job as the founder is to identify like vertical cheats where overnight you become bigger than your competitors. Alejandro: Got it. And so I finally just gave in and thought no one is going to build this. They take every, some people go and warm theirif you have a brilliant idea, theyd be crazy not to take it and then their entire value is obviously give you a three month program and then at the end expose you to liek 40 investors. So I saw NEA, Kleiner Perkins, Graylog, Andreesen Horrowitz, just to name a few. Alejandro: Alrightee. There was no book [01:41]. It was kind of [31:51] as early as we did to buy another stock up that was kind of four years in. How do you scale like 20 million in revenue to 200 million in revenue and we didnt need the more product set investors because we already have fantastic people at that. Anthemos Georgiades: Yeah. I dont think theres a startup I could have launched that taught me more. It just really helps to divide and conquer like that while I was meeting new investors again. You know its interesting that you mentioned the chicken and the egg. Get Anthemos Georgiades's email address (a*****@zumper.com) and phone number (646398..) at RocketReach. Oh wow, good question. Anthemos Georgiades is CEO/Co-Founder at Zumper Inc. See Anthemos Georgiades's compensation, career history, education, & memberships. Now my cofounders were phenomenal in bringing them to meetings. Got it. So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. Because I speak with a ton of founders that are perhaps opening up the possibility of bringing on corporations and I think that you need to really do it right. How do you take a company with those tractions, 10 million in revenue. I mean youre doing various jobs, head of sales, head of finance, head of fundraising, head of like DZ. I guess the question that I would ask you and perhaps some advice for some of those that are listening, that are building a business that is more around the network effects, the marketplaces, should they walk the other way if the investor is asking too much about revenue early on on the financing cycles? Thats quite motivating for people. And we built this website using an outsource development shop in Europe that just tested one assumption of the end game which was can we get users in 2011, 2012 just as mobile was coming online to apply and close apartments from their phone. So cofounders are difficult especially if youre not technical as really hard to find a good technical cofounder but the great thing is once you do and it takes a long time, they are able to attract the next generation of talent in to the company and thats how you kind of build your engineering team out. And so when you think about AB testing frameworks, you think about how many started [03:43] that is a [03:44] grad school taught me. And then at business school, I think the single biggest thing I learned through the case study method which is how they teach it at Harvard Business School but I think its true. So we want to be the first ever kind of full stack rental platform for long term leases and we monetize that two ways. Alejandro: Got it. In the early days we love the exposure to Silicon Valley investors. Now my cofounders were phenomenal in bringing them to meetings. So that was great. All of it is going to be important and it will come out at the right stage. I think Id say forget everything you think you know and everything, your education [38:28]. Keeping good lines of communication open can solve many landlord/tenant problems. Saying that, I have connections through both business school and previous people that have gone through BCG venture capital and most of your listeners and entrepreneurs will know so much of this is about like getting warm introductions to VCs so I did have a couple of cheats to get in through the network or through the BCG network. So the majority of that is still in the bank but yeah, we raised money in capital [12:00]. Everyone filling gaps where they could and it [07:02] fulfilling gaps in to where youre skilled and so I think the most obvious thing to do for that is to hire people with very different skill sets to you that allows you to never really have awkward overlap and egos because everyone is kind of skilled at something very unique. You just get to this kind of motion of you all feel the same and you kind of pull in the same direction. So I guess how did that consulting experience shape up your approach in terms of like tackling problems and the entrepreneurial journey itself? anthemos georgiades net worth; wedding max minghella wife; private beach airbnb california; antique english double barrel shotguns; tuscany faucet cartridge removal; primeweld cut 60 machine torch; glendale, az setback requirements. So how did you meet your cofounders? You shameless have to mine your network and I think all CEOs and entrepreneurs have to find that edge of how did they meet one of these investors, how did they meet someone that knows them. Its not about the ski trips and any of that you know. And then as we looked at the C round, Axle Springer are fantastic good example [19:59]. They may not understand marketplace as well as you but they may be able to bring a brilliant way of thinking about how to bring the supply on [30:20]. Thats your job. The other large investor in this round [20:05] scale so once you have product market set, how do you scale that? I was just talking to a friend of mine about this. I mean if you could give some kind of like tips you know both fronts it would be really fantastic. So what I wanted to ask you here is in terms of on boarding lets say this type of, because its a different beast, you know type of investors so how does the approach from evaluating an investor that is a VC, an angel or an angel group shift towards evaluating a potential strategic corporation that is looking to become part of your cap table? What are some tips for successfully navigating the rental market from a renter's perspective? Your second month you spend getting term sheets and documents signed. Since 2012, Georgiades has grown Zumper to over 200 employees, 178 million annual visits, and raised $178 million in venture capital for the company. Could you meet him? And so whereas that doesnt guarantee any success we obviously have to have really good numbers and a really good story to tell them. Yeah. And investors love that story because its easy to believe that you can continue to do that. True to its reputation, Comfortbilt's HP22 pellet stove comes with a heating capacity of 50,000 BTU. In the early days you as the CEO you are the fundraiser, you are the effective CFO, youre the head of sales and you kind of have to do the whole thing. Had worked in politics. Anthemos Georgiades: Yeah, I think its probably the DNA of your culture is I think a lot of it is built in the tough times. Zumper CEO and co-founder May 2012 Board and Advisor Roles Number of Current Board & Advisor Roles 1 Anthemos Georgiades is the Board Member at Zumper. In the early days, youre going to need to take all the capital you can get. And in terms of preparation, Anthemos, how has the preparation like preparing before going to market to start engaging investors, how have you seen with your business, with Zumper, how have you seen that changed over time as the rounds were maturing? So lets talk about Zumper here. I knew the CEO for a while. So all good companies have multiple offers on the table. So I guess in just to like follow up on that, what in your mind and obviously in what youve seen creates really that magical relationship between cofounders? After that, it changed to more consumer. So seed, series A, series B, series C, I was always the point person in the fundraise. I was really impressed when because its not hard, its almost impossible to land VC such as Kleiner Perkins on literally your first financing round, the seed round. He runs all the background of operation and he came from the real estate industry, two completely different background and neither of them was an obvious pick when I started the company at grad school. This pellet stove is a good heating solution for a smaller rather than a . At the end of the day though, whether its senior people, junior people, interns who we want to bring back is all under pinned by culture. As CEO, Anthemos has raised $39.2 million in venture capital from investors including Kleiner Perkins, Goodwater Capital, Breyer Capital and Foxhaven Asset Management, including a Series B round in Oct. 2016 when many start-ups were struggling. Anthemos Georgiades: So Zumper is the vision for the company is to make renting an apartment as easy as booking a hotel. So we bought them. You start to build depth and management structures. How many listings do we have on the site? Now we have supply so the six months curve at the series B was all about users and millions of monthly users and then at the series C it was much more revenue curve. All photos courtesy of Forbes Councils members. Stay informed using all the free online rental data out there (like Zumper's national rent report). Yeah. Your third month is getting kind of diligence done and getting the wires in to the door. So Id say your first month you spend like getting first, second, third meeting. Yeah. We love our investors. So I guess in your guys case, how do you deal with the egos and then more importantly how did you define the responsibilities early on so that you kind of have that healthy culture going on? Its just part of the game and it doesnt [24:30]. I really enjoyed it and great stuff. Whats your story and most importantly, how did you get started with the entrepreneurial bug? The one unifying theme in every fundraising Ive run is momentum. Alejandro: So I guess like I have one thing to follow up on this. Thats quite motivating for people. His passion for relieving the stress for others in apartment rentals has given birth to a venture which has now raised $90 million, has experienced tremendous growth, and boasts a VC line up of some of the most prized investors in Silicon Valley. So cofounders are difficult especially if youre not technical as really hard to find a good technical cofounder but the great thing is once you do and it takes a long time, they are able to attract the next generation of talent in to the company and thats how you kind of build your engineering team out. His passion for relieving the stress for others in . Rental listing startup with more than 26 million users. He's raised $39.2 million in venture capital, grown the team to 70+, and completed the acquisition of apartment search platform PadMapper. Of course and I agree with you there, Anthemos. rex harrison audrey hepburn relationship. Anthemos Paul Georgiades has been associated with one company, according to public records. Its a Greek name, British accent. So we tell the small landlords, Hey, dont just advertise in Zumper. [06:54] the early days and it worked where there was just all hands to the pump. So Im completely there with you. The reality is often in the early stages, youre going to want to take all the capital thats given to you and you may not have multiple term sheets. How many listings do we have on the site? If you guys are Zumper website, you can kind of kind at zumper.com the Contact Us or on Twitter I am just @anthemos, A-N-T-H-E-M-O-S on Twitter and yeah, I respond to people. Remember to unlock for free the pitch deck template that is being used by founders around the world to raise millions below. @zumper Stories Uncategorized Alejandro: Got it. They are brilliant about. Got it. You are going to get a bunch of nos so I wouldnt rule people out too early. He was with HBS 10 years ago. Your job as the CEO and the founder is to convince your investors of the reason to do this. In terms of investors, I guess two comments. So thats how Zumper got started. Got it. Great question. How does the day to day at Zumper work? I met Russel who [04:01] engineering products through just the personal connections in London. Everyone in Boston, everyone in New York were straight nos and [25:15] didnt get second meetings but then a month later we came to Silicon Valley and we found a much better product market set for the kind of investor who was prepared to come early and invest early and we got a lot of yeses very quickly.
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